Welcome to the AC Tropical Fish aquarium forum. Our aquarium forum is the place to discuss any aquarium related issue in a friendly environment. Our aquarium forum welcomes aquarists of all levels from beginners to experts. Please ask a question in the how to section of our forum or read the FAQ section if you have any questions. register to and become a part of our friendly aquarium forum community today.

Should I sell my Refinanced Car or Finish the payments and then sell?

0

I have a 04' Lexus LS430, for the people who don't know it's a nice luxury car and for people who own luxury cars know that it's not a car you feel good about abusing it. I don't really abuse it but I catch myself not really wanting to drive it as much as I should. Now with that in mind I was planning on paying off the remaining 10k and then sell it or trade it in and finance another car which I came to a conclusion that I want long term which is a 2010 or above Toyota Camry XLE with well under 100k mileage that comes out to be $20k+ my initial plan was to finish the payment pan which would be done late 2014 or early 2015 and then sell my car for 10k and put that money as a down payment and put the rest on finance. What's a better option ? My initial ( paying this car off first ) or the one I just came up with ( sell the car now and have someone or a dealer refinance the car) ?

You have a year left to pay on a 9 yo car.. ?

[I have no idea what "I don't really abuse it but I catch myself not really wanting to drive it as much as I should. " means lol.]

Moving on:

SO..... If I am reading this correctly, Your question boils down to this:

Should I make payments on the car I don't want or utilize? OR should I make payments on the car I want?

Personally, My choice would be easy.

{But then again my car is paid for :-P}

Last edited by Goes to 11!; 04-30-2013 at 12:27 AM.

Gas mileage isn't everythingOIIIIIIIOLack of planning on your part does not constitute an emergency on my part.Why pretend there are no stupid questions? Actually, There are many stupid questions: "Should I drink this bleach?" Is just one example.
Having said that, Just because it's a stupid question doesn't mean that it shouldn't be asked. It's better to know.A warm beer is better than a cold beer. Because nothing is better than a cold beer, and a warm beer is better than nothing.

Toyota makes Lexus vehicles. they are just the fancy versions with bells and whistles. Just like an acura to a honda, or an audi to a vw.
The build quality is the same, you just pay more for the lexus title and having those options-otherwise, your 430 will last just as long as any 04 camry.

that being said, go up to the dealer where you can find that camry, explain your situation and they'll lay it out to you if they can make things easy/hard.
Generally, they'll take what you owe left on the car and add it to the new and then give you whatever your current car is worth (way lower @ dealer than private seller)

so it'll basically be the same-pay off and sell, or sell and pay off is added to new.

It was a question off impulse and I realize that I like to be safe. Right now I have enough to pay off my car if I was to lose my job or so. And since the payoff and the cars value is about even financing a new model car would require a nice down payment which would mean I won't have the same security I have now and risk it getting repoed if the worst was to happen. Not wanting to drive it much meaning mini road trips such as LA, Vegas, Reno, Tahoe and I live in SF. I had the car for 2.5 years. And I'm averaging 5k miles a year.

With paying the car off first I will allow myself to stay currently where I'm at and use whatever I sell the car for as a nice down payment plus a little more depending on what I have while still having security . I just wondered if the interest rate connined with the I durance and gas would balance it out.

The car market must be very different in CA than here in the midwest. For me to spend 20,000 on a car it would have to be an suv with enough seating for a least 6. I have had one new car, an 07 Pontiac Vibe that we really love, and we only had to pay 15,000 for it because someone backed out of buying it off dealer trade. It runs a Toyota motor and runs great.......too bad GM axed Pontiac instead of the GMC line which is really just Chevy with different emblems.

My family has a history of buying cheap cars, the cheapest was $50 and they drove it for over 2 years with basically just oil changes. My husband and I have 2 cars, one for short trips and his commuting of 15 miles each way and the Vibe that we use for family travel and longer trips. The other car is a 01 Chevy Prizm (also has a Toyota motor). We only keep full insurance coverage on the newer vehicle because the coverage isnt worth what they would pay out on the older one.

I would take your car to CarMax and get a quote from them on what they would purchase your car for. Then use that as a barganing chip and try and trade yours in on the Camery. I have done this several times actually. Some times I will trade in the car or sometimes I have sold the car to CartMax, and sometimes I sell them on autotrader.

I recently sold my wife's 2011 Infinity G37 to CarMax for 24K, witch gave me a positive of about 8K and we used that and added a little more for a downpayment on a Cadilac CTS-V.

The reason I recomend getting a price at CarMax, is they have always offered a fair price. Not usually as much as selling the car to an individual, but much more than most car dealers will ofer in trade in. Most car dealers will really try and rip you off on your trade in value.

If it was me (and it's not) I would probably shop around and see how much you can get for it. During income tax time, there's generally some good sales on cars. While it's still in good shape, you might do better than you think. Luxury cars are more pricey to repair, as well. The trick is finding others who might want a luxury car. Have you checked the Blue Book on it's value?

If you are able to pay your current car off completely, why wouldn't you do that - save on interest and not owe any money?

Considering your current car has low mileage, you could probably get a good price for it privately if you wanted to replace it at some point and have more of a down payment for that new car. Just my 2 cents.